ACH Alert, which provides financial institutions with electronic payments fraud detection technologies, is enhancing its automation capabilities with the integration of Payment Data Xchange (PDX) into its Fraud Prevention HQ platform.
In an announcement Monday (Feb. 11), ACH Alert said its newest tool aims to make it easier for financial institutions to access to manage data stored within ACH payment files.
PDX is designed to further automate the ability for financial institutions to manage electronic data interchange (EDI) information imbedded within incoming ACH files, notification of change (NOC) and ACH return information. FIs can enroll their businesses’ accounts for the EDI service, or use the originating company’s identification to enroll them in the ACH return service.
Companies that are enrolled in the service will have incoming ACH transactions automatically monitored by the PDX tool whenever those transactions contain EDI information, or when a transaction has ACH returns or NOCs. ACH Alert said the aim of the new feature is to enhance FIs’ ability to gain data about a transaction and support reconciliation processes, allowing users to view the information online.
“Our enterprise level platform can be easily accessed by account holders via single sign-on through online banking,” noted ACH Alert Chief Executive Officer Deborah Peace in a statement. “As part of our commitment to serving the financial services industry, we are positioned to further compliment online banking systems by making valuable payment remittance information, such as ACH returns and NOC information, available to clients in a timely manner and an easy-to-use format.”
Last year ACH Alert introduced new services aimed at helping FIs manage ACH fraud in a faster payments ecosystem. The company launched PRO-TECH RT and PRO-TECH CR, which lets account holders accept or reject incoming faster ACH payments and credits and set restrictions on those incoming transactions.
“Making sure that financial institutions are comfortable with the risk of receiving real-time payments is crucial to achieve widespread adoption,” Peace said in a statement at the time.